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Debt Collection Harassment | Parking Debt

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Many debtors have experienced debt collectors' rough practices. More recently people have experienced their creditors 'parking their debt'.

Parking debt is the practice when creditors wait a long time to send a bill/notice, send it to the wrong address or never even send it at all.

The practice of parking debt is beneficial to debt collectors because they do not need to put in effort, time or resources.

The National Consumer Law Center describes creditors parking debt because the agencies do not engage in proactive steps in collecting the debt. Instead they will wait until the consumer needs another mortgage or loan.

Thus consumers are surprised to find collections on their credit reports because they never received anything in the mail. Which raises the questions for these people, how can they be sent to collections without ever being notified or billed?

Unfortunately not all creditors are required by law to send a statement out before they send collections.

The Fair Credit Reporting Act only requires certain lenders to send notices before reporting information. However that notice can be included in a default notice, billing statements or any other materials to the person.

Therefore it is essential to read all materials send in all notices, it is also high recommended to actively check credit reports. Last but not least if an unrecognized collection amount is listed people can dispute it with the credit bureaus if they agency cannot confirm it within 30 days, it will be removed.

We at Timothy J. Sierra Attorney at Law would like to state that our blog posts and links, on our web page or any other social media outlet, to any other web pages are not intended for legal advice. We are not responsible for third party website information. If one is in need of legal advice please contact an attorney directly.

Source: Time Magazine | Money

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